The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and most private nonprofit organizations in South Carolina about the upcoming June 18 deadline to apply for low-interest federal disaster loans. These loans aim to mitigate economic losses caused by Tropical Storm Debby, which occurred from August 4-22, 2024.
The disaster declaration encompasses several South Carolina counties: Aiken, Bamberg, Barnwell, Berkeley, Calhoun, Charleston, Clarendon, Colleton, Dorchester, Georgetown, Lexington, Orangeburg, and Williamsburg.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses and private nonprofit organizations offering non-critical governmental services that experienced financial losses due to the storm. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These EIDLs provide working capital for needs arising from the disaster. They are available even if there was no physical damage to the business or organization. The funds can be used for fixed debts, payrolls, accounts payable, and other unpaid bills resulting from the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster,” stated Chris Stallings of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofit organizations. Terms can extend up to 30 years. Eligibility is determined based on factors such as applicant size and financial resources.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For individuals who are deaf or hard of hearing or have speech disabilities, telecommunications relay services are available by dialing 7-1-1.
The deadline for submitting economic injury applications is June 18, 2025.